Looking at trade data one can argue the Euro is slightly undervalued. But this is a transitory feature that will correct itself once economic data starts pointing to a more sustained growth. The Euro is a free floating currency, in the medium to long term it always converges to where monetary policy and trade dictate.

Were Jens Widemann president of the ECB, the Euro would be probably now north of 1.5 USD, and the Eurozone likely a much smaller place.